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May 12, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Duluth, Business Loans > Republic Bank, Inc. Duluth Business Loans > General Automotive Repair Shops Loan | ||||
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Getting Commercial Loans in Duluth, Minnesota
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Republic Bank, Inc. Gives SBA Loan to General Automotive Repair Shops CompanyWould a Minnesota business loan help your company expand? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs. Getting a small business loan in Duluth, Minnesota was a top priority for this SBA-financed company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Republic Bank, Inc.. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender REPUBLIC BANK, INC. This lender issued this particular debt financing under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 7/5/2000 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $112,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 9 employees. The loan application did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Republic Bank, Inc. and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Best Banks for Small Business in Duluth, Minnesota
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